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Meetinghouse Bancorp, Inc. Reports First Quarter Earnings

/UCW/ DORCHESTER, MA – Meetinghouse Bancorp, Inc. (OTC Pink: MTGB) MTGB: (%) (the “Company”), holding company for Meetinghouse Bank (the “Bank”), reported net income for the three months ended December 31, 2015 of $41,000, compared to net income of $25,000 for the three months ended December 31, 2014. (Unaudited)

At December 31,

(Dollars in thousands)

2015

2014

Selected Financial Condition Data:

Total assets

$

122,431

$

114,377

Cash and cash equivalents

6,911

4,645

Securities available-for-sale

15,678

16,479

Loans held-for-sale

5,841

6,507

Loans, net

86,722

79,475

Deposits

102,080

87,234

Federal Home Loan Bank advances

9,235

16,410

Stockholders’ equity

10,655

10,386

At December 31,

(Dollars in thousands)

2015

2014

Operating Data:

Interest and dividend income

$

1,100

$

987

Interest expense

226

191

Net interest and dividend income

874

796

Provision for loan losses

(6

)

18

Net interest and dividend income after provision for loan losses

880

778

Noninterest income

340

245

Noninterest expense

1,154

984

Income before income taxes

66

39

Income tax expense

25

14

Net income

$

41

$

25

This news release may contain certain forward-looking statements, such as statements of the Company’s or the Bank’s plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as “expects,” “subject,” “believe,” “will,” “intends,” “will be” or “would.” These statements are subject to change based on various important factors (some of which are beyond the Company’s or the Bank’s control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management’s analysis of factors only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, the ability of the Company or the Bank to effectively manage its growth and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive.

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